Contracts between Legal Persons

Lewis A. Kornhauser () and W. Bentley Macleod
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Lewis A. Kornhauser: New York University

No 5352, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: Contract law and the economics of contract have, for the most part, developed independently of each other. In this essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize the economics literature on contract. The title, Contracts between Legal Persons, limits the review to that part of contract law that is generic to any legal person. A legal person is any individual, firm or government agency with the right to enter into binding agreements. Our goal is to discuss the role of the law in enforcing these agreements under the hypothesis that the legal persons have well defined goals and objectives.

Keywords: incomplete contracts; contract theory; contract breach; law and economics; contract law (search for similar items in EconPapers)
JEL-codes: J33 K12 (search for similar items in EconPapers)
Pages: 56 pages
Date: 2010-12
New Economics Papers: this item is included in nep-hpe, nep-law and nep-mic
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published - published in: Robert Gibbons and John Roberts (eds.) Handbook of Organizational Economics, Princeton University Press, 2012

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Related works:
Chapter: Contracts between Legal Persons (2012)
Working Paper: Contracts between Legal Persons (2010)
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